The objectives of the Somali Core Economic Institutions and Opportunities Program (SCORE) are to: (i) improve the enabling environment for private and financial sector development; and (ii) catalyze private investment and job creation. This is the second...
Vea más +The objectives of the Somali Core Economic Institutions and Opportunities Program (SCORE) are to: (i) improve the enabling environment for private and financial sector development; and (ii) catalyze private investment and job creation. This is the second restructuring of the project. It covers changes to the project arising from the MTR which were discussed and agreed with the government, stakeholders and Bank management but were not covered by first restructuring. This is because the first restructuring focused on extending the closing date on two TFs, particularly TF0A1709 which was set to close at the end of April 2018. Proposed changes under the second restructuring align of project components to reflect an updated country and sector context, as well as the long inception phase that SCORE experienced that resulted in a condensed period remaining for implementation. The changes guarantee efficient delivery of results and systemic impact of interventions. The project task team is not proposing any changes to the Somaliland Grant Agreement, changes in the grant amount or Trust Fund closing dates. This is because implementation progress of Component one (Strengthening Core Economic Institutions) in Somaliland is unsatisfactory. Even though most outputs and activities for Components one has been delivered, implementation progress has stalled. Accordingly, Component one will focus on consolidating efforts aimed at laying the foundations for long-term financial sector development to enable market-based financial intermediation; Component two will target improved risk appetite and capacity of participating financial institutions to undertake investments and innovation thereby supporting enterprise growth, jobs and livelihoods on a sustainable basis using market tools, and; Component three will extend coverage of the PIU in Mogadishu to strengthen coordination and maintenance of robust relations across FGS member states. As such, Puntland project management is rationalized and integrated under the Project Implementation Unit (PIU) in Mogadishu.
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